BCCM Act
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Body Corporate and Community Management Act governs and protects the Management Rights industry. |
Body Corporate
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A legal collective entity, of all who own units in the building. |
Body Corporate Manager
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They are employed by the Body Corporate as an administrator to carry out duties of a Secretary and Treasurer. A Body Corporate Manager manages and oversees all financial, administrative and legal affairs of the Body Corporate. It is a non-paying role. |
By Laws
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The internal rules of the Body Corporate. They define the rules and regulations that apply to all tenants, lessees, contractors and visitors. |
Committee
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It is represented by lot owners of the complex that meet on a regular basis. |
Common Property
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All the property in a building/development that is shared by all the owners. ie: swimming pool, gardens, foyer, etc. |
Communiity Title
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A property title where several homes are on the one site and have access to a community club house, tennis court, swimming pool etc. |
Manager
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The name given to the person that resides onsite and who purchased the Management Rights. Also known as resident unit managers. |
Multiplier
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The number that represents the goodwill of the business. This is determined based on the risk of the business. You can calculate your return on investment from the multiplier for by dividing it into 100 eg: a multiplier of 4 means 25% return, multiplier of 5 means a 20% return. |
POA
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The Property Occupations Act is a State legislation which governs the conduct of the Real Estate industry and under which Restricted Letting Agents must be licensed. |
Resident Letting Agents Licence
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A Government issued licence that enables Resident Managers to legally let out units and take a commission for this service. |
